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- 1. Multiple Choice
When the proprietor brings in additional cash, what will be the effect of the transaction on the Statement Of Financial Position?
Increase in Assets, decrease in Liabilities
Decrease in Assets, increase in Liabilities
Increase in Assets, increase in Equity
Decrease in Assets, decrease in Equity
- 2. Multiple Choice
The main purpose of drawing up a Trial Balance is to check________.
whether all journal entries have been posted
whether all invoices have been sent out
the accuracy of the double entry
the difference between the Cash Book balance and the Bank Statement balance
- 3. Multiple ChoiceThe debit side is on which side of the account?LeftRight
- 4. Multiple ChoiceWe use the debit side of the account to showAssetsliabilitiesgains
- 5. Multiple ChoiceBills that we owe areassetspurchasesliabiliteswages
- 6. Multiple ChoiceAn action taken place by a business and the effect of this is measured in money is atransferaccounttransactionledger
- 7. Multiple ChoiceA place where financial information is recorded is called a / anaccounttransactionsalespurchases
- 8. Multiple ChoiceThe credit side of an account is on theleft sideright side
- 9. Multiple Choice
Phone bills, wages and insurance are examples of
gains
revenue
capital
expenses
- 10. Multiple ChoiceHow a company or firm earns money through normal business activity is calledrevenuescapitalaccountingwages
- Answer choicesTagsAnswer choicesTags